Chinese Bitcoin Exchange Loses 1,000 BTC

[Coinbuddy]

796, has reportedly lost 1,000 BTC in customer funds.

According to a blog post on Weibo, hackers compromised parts of the exchange a few days ago, resulting in the loss of coins now being reported. The blogpost also says that the Bitcoin exchange has contained the situation and has increased security; no additional losses have been reported since the initial attack.
Read full story: http://www.coinfinance.com/news/chinese-bitcoin-exchange-loses-1000-btc

[AtheistAKASaneBrain]

Oh my god and another one bites the dust. Thats why say if Gemini suffers something like this it would be very bad for BTC. This needs to stop happening ffs.

[Bitcoinexp]

Bitcoin exchanges need to step up their protections. Doesn't matter if it's a minor security detail, a major hack will see another exchange biting the dust and bitcoin's hopes to look cloudy. Anyway, wonder if any hacker will claim responsibility?

[311]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common. I wonder how many of them are actually inside jobs as well as that would seem the easiest way to attack?

[Sitarow]

Who says they had them to begin with? Anyone claiming to have coins that cant prove it on the blockchain is a scammer and that applies to all major exchanges. If they can't prove their reserves exist then they can't be trusted, there are several methods of doing that and they've been around for a long time so if they aren't using them they're hiding something.

One example:
https://exchange.coinport.com/coin/BTC

Kraken and others use Gregory Maxwells merkle tree approach but their last audits are months out of date.

Exactly.

[Kazimir]

Old news: https://bitcointalk.org/index.php?topic=938765.0

Next time, please search for existing topic instead of re-creating fuss over the same old shit

[RocketSingh]

Old news: https://bitcointalk.org/index.php?topic=938765.0

Next time, please search for existing topic instead of re-creating fuss over the same old shit

Search criteria is now disabled on this forum

[nextblast]

Old news: https://bitcointalk.org/index.php?topic=938765.0

Next time, please search for existing topic instead of re-creating fuss over the same old shit

Search criteria is now disabled on this forum

Everyone should use google in-site search function:
YourKeyWords Site:bitcointalk.org

[Coinbuddy]

Maybe bitcoin price goes down more

[okae]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

I wonder how many of them are actually inside jobs as well as that would seem the easiest way to attack?

like always, in most of the case this happend.

[RocketSingh]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

We already have decentralized exchange like localbitcoins...

[okae]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

We already have decentralized exchange like localbitcoins...

well i was trying to say that we need that all goes decentralized, not that there is not decentralized´s exchanges out yet, btw is my fault maybe because im not english native and there can be a language barrier

[newIndia]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

We already have decentralized exchange like localbitcoins...

well i was trying to say that we need that all goes decentralized, not that there is not decentralized´s exchanges out yet, btw is my fault maybe because im not english native and there can be a language barrier

Do u mean to say that there should be more exchanges like localbitcoins ?

[Coinbuddy]

Why every time bitcoin hacked?
Why they ran exchange when they have not good security

[xuan87]

Why every time bitcoin hacked?
Why they ran exchange when they have not good security

If this keep happening, I'm afraid bitcoin will down...very down

People will not interest on bitcoin anymore 

[yatsey87]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

We already have decentralized exchange like localbitcoins...

That's not really a decentralised exchange is it? I haven't used it but they charge fees and you have to send them your coins don't you?

[Divinespark]

That's a staggering loss and one that I have only seen mentioned on btctalk
Did Coindesk or any tech media pick it up?

[newIndia]

I guess another reason why we need decentralized exchanges as it seems these thefts are becoming increasingly common.

you got the point, decentralized exchanges will be a step that must be done soon or later imho, so i agree with you 100%

We already have decentralized exchange like localbitcoins...

That's not really a decentralised exchange is it? I haven't used it but they charge fees and you have to send them your coins don't you?

I think, by decentralized exchange we mean direct buy/sell option, which is provided by LocalBitcoins and alike...

[mayax]

Why every time bitcoin hacked?
Why they ran exchange when they have not good security

If this keep happening, I'm afraid bitcoin will down...very down

People will not interest on bitcoin anymore  

the website are hacked because it is very hard(you need very good programmers) to keep them secure and expensive...

 i saw website made(so called scripts) with 500 USD... they are a joke. a real exchange website should cost from 30K. i know it seems a lot but look how much it cost a picture on gettyimages(from 200 USD...a small one). a good design cost a lot +programming + server configuration.

you can't never make a real business with 500-1000 usd invested. you will have only problems and the clients will call you scam if you lose the BTC...even you had good intentions.

[Coinbuddy]

Why every time bitcoin hacked?
Why they ran exchange when they have not good security

If this keep happening, I'm afraid bitcoin will down...very down

People will not interest on bitcoin anymore  

the website are hacked because it is very hard(you need very good programmers) to keep them secure and expensive...

 i saw website made(so called scripts) with 500 USD... they are a joke. a real exchange website should cost from 30K. i know it seems a lot but look how much it cost a picture on gettyimages(from 200 USD...a small one). a good design cost a lot +programming + server configuration.

you can't never make a real business with 500-1000 usd invested. you will have only problems and the clients will call you scam if you lose the BTC...even you had good intentions.

True